Terms
This was not supposed to be involved in the economy as part of Laissez-Fiare.
What is government?
This british philosopher was responsible for popularizing the Laissez-Faire in the economy as he argued against government involvement in economic affairs.
Who is John Stuart Mill?
This idea of Laissez-Fiare sets prices and production levels in the economy.
What is supply and demand?
The period of economic despair which started in 1929 led to the end of Laissez-Faire.
What is the Great Depression?
This tax on goods and services would not be applied on tried between nations as part of Laissez-Faire.
What is a tariff?
An 18th century philosopher whose ideas influenced Laissez-Faire and is known as the father of economics.
Who is Adam Smith?
The theory of economics that took place after the fall of Laissez-Faire.
What is Keynesian economics?
This saying is the literal translation of Laissez-Faire in english.
What is "Let them do"?
This negative effect from Laissez-Faire economics results when high barriers to entry limit competition from joining the market.
What is a monopoly?
This 19th century philosopher who favored the Laissez-Faire is known for developing the idea of comparative advantage.
Who is David Ricardo?
This concept by Adam Smith describes how people acting in their own self interest can benefit the economy as a whole.
What is the Invisible Hand?
This program which involved government intervention in the economy was introduced to pull the US out of the Great Depression.
What is the New Deal?